FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

Financials Fomento Económico Mexicano, S.A.B. de C.V. Buenos Aires S.E.

Equities

FMX

ARDEUT111853

Food Retail & Distribution

End-of-day quote Buenos Aires S.E. Other stock markets 03:30:00 14/06/2024 am IST			5-day change	1st Jan Change
22,353 ^ARS	-2.05%		-5.55%	+7.40%

10/06	Fomento Economico Mexicano to Buy Back Up to $600 Million Shares	MT
10/06	Fomento Económico Mexicano, S.A.B. de C.V. (BMV:FEMSA UBD) announces an Equity Buyback for $600 million worth of its shares.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,02,946	4,99,208	5,27,118	4,99,021	7,20,744	6,23,278	-	-
Enterprise Value (EV) ¹	6,91,615	6,33,128	6,14,208	7,79,660	7,88,531	6,90,572	6,88,316	7,24,038
P/E ratio	30.9 x	-278 x	20 x	21.9 x	11.9 x	19.8 x	18.4 x	18.5 x
Yield	2.72%	0.96%	2.13%	-	-	3.17%	3.02%	4.62%
Capitalization / Revenue	1.19 x	1.01 x	0.95 x	0.74 x	1.03 x	0.79 x	0.72 x	0.67 x
EV / Revenue	1.36 x	1.28 x	1.1 x	1.16 x	1.12 x	0.87 x	0.8 x	0.78 x
EV / EBITDA	9.17 x	8.8 x	7.45 x	8.4 x	8.18 x	6.18 x	5.58 x	5.46 x
EV / FCF	17.9 x	18.3 x	11.2 x	-	73.6 x	16.8 x	15.9 x	14 x
FCF Yield	5.6%	5.45%	8.92%	-	1.36%	5.94%	6.3%	7.16%
Price to Book	1.96 x	1.75 x	1.7 x	-	2.09 x	2.35 x	2.27 x	-
Nbr of stocks (in thousands)	35,78,226	35,78,226	35,78,226	35,78,226	35,77,845	35,30,097	-	-
Reference price ²	178.7	150.3	159.3	151.6	221.0	196.0	196.0	196.0
Announcement Date	27/02/20	01/03/21	28/02/22	24/02/23	23/02/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,06,711	4,92,966	5,56,261	6,73,202	7,02,692	7,91,658	8,61,858	9,24,129
EBITDA ¹	75,440	71,973	82,422	92,812	96,386	1,11,677	1,23,258	1,32,629
EBIT ¹	47,152	41,503	51,993	59,416	59,812	69,322	77,141	85,224
Operating Margin	9.31%	8.42%	9.35%	8.83%	8.51%	8.76%	8.95%	9.22%
Earnings before Tax (EBT) ¹	32,087	18,936	41,276	41,872	59,358	68,631	73,341	81,249
Net income ¹	20,699	-1,930	28,494	24,758	66,390	35,351	40,436	43,418
Net margin	4.08%	-0.39%	5.12%	3.68%	9.45%	4.47%	4.69%	4.7%
EPS ²	5.780	-0.5400	7.960	6.920	18.55	9.890	10.66	10.62
Free Cash Flow ¹	38,713	34,513	54,796	-	10,721	41,052	43,387	51,850
FCF margin	7.64%	7%	9.85%	-	1.53%	5.19%	5.03%	5.61%
FCF Conversion (EBITDA)	51.32%	47.95%	66.48%	-	11.12%	36.76%	35.2%	39.09%
FCF Conversion (Net income)	187.03%	-	192.3%	-	16.15%	116.13%	107.3%	119.42%
Dividend per Share ²	4.860	1.444	3.400	-	-	6.223	5.917	9.055
Announcement Date	27/02/20	01/03/21	28/02/22	24/02/23	23/02/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,51,542	1,47,636	1,67,504	1,71,664	1,86,467	1,80,011	1,98,220	1,88,095	1,89,825	1,78,204	1,94,100	1,97,270	2,02,944	1,93,080	-
EBITDA ¹	23,446	19,694	23,370	23,196	26,562	22,157	27,134	25,366	26,933	25,049	29,616	27,534	36,553	26,848	32,717
EBIT ¹	15,509	11,892	15,032	14,769	17,405	12,543	25,947	15,929	17,532	14,767	18,060	17,248	21,075	15,856	-
Operating Margin	10.23%	8.05%	8.97%	8.6%	9.33%	6.97%	13.09%	8.47%	9.24%	8.29%	9.3%	8.74%	10.38%	8.21%	-
Earnings before Tax (EBT) ¹	12,733	6,484	12,309	13,203	9,899	-	18,498	20,588	7,204	9,073	17,456	16,084	19,939	-	-
Net income ¹	6,717	3,987	5,209	10,748	4,817	48,078	6,165	9,742	3,267	2,931	9,952	8,307	10,993	-	-
Net margin	4.43%	2.7%	3.11%	6.26%	2.58%	26.71%	3.11%	5.18%	1.72%	1.64%	5.13%	4.21%	5.42%	-	-
EPS	1.880	1.110	1.460	3.000	1.350	13.44	1.720	2.720	0.9100	-	-	-	-	-	-
Dividend per Share ²	3.400	-	-	-	-	-	-	-	-	-	1.938	-	1.938	-	-
Announcement Date	28/02/22	02/05/22	28/07/22	28/10/22	24/02/23	28/04/23	27/07/23	27/10/23	23/02/24	26/04/24	-	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	88,669	1,33,920	87,090	2,80,639	67,787	67,294	65,038	1,00,760
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.175 x	1.861 x	1.057 x	3.024 x	0.7033 x	0.6026 x	0.5277 x	0.7597 x
Free Cash Flow ¹	38,713	34,513	54,796	-	10,721	41,052	43,387	51,851
ROE (net income / shareholders' equity)	6.26%	-0.79%	8.88%	7.35%	18.5%	10.7%	11.4%	12.4%
ROA (Net income/ Total Assets)	3.41%	-0.29%	4.01%	3.22%	8.27%	3.87%	4.05%	4.4%
Assets ¹	6,06,955	6,65,517	7,11,150	7,68,094	8,02,325	9,13,813	9,98,411	9,86,769
Book Value Per Share ²	91.00	85.80	93.60	-	106.0	83.60	86.40	-
Cash Flow per Share ²	17.20	14.90	20.40	-	13.90	13.00	19.30	-
Capex ¹	25,579	18,660	20,299	34,410	38,958	42,858	46,015	49,540
Capex / Sales	5.05%	3.79%	3.65%	5.11%	5.54%	5.41%	5.34%	5.36%
Announcement Date	27/02/20	01/03/21	28/02/22	24/02/23	23/02/24	-	-	-

¹MXN in Million²MXN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fomento Económico Mexicano, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

196 MXN

Average target price

254.9 MXN

Spread / Average Target

+30.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
AVENUE SUPERMARTS LIMITED	+16.10%	36.92B
SEVEN & I HOLDINGS CO., LTD.	+7.51%	33.06B
SM INVESTMENTS CORPORATION	-4.59%	17.32B
COLES GROUP LIMITED	+5.46%	14.99B
CASEY'S GENERAL STORES, INC.	+35.41%	13.77B
JERÓNIMO MARTINS, SGPS, S.A.	-14.84%	13.19B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-13.04%	10.45B
DINO POLSKA S.A.	-13.59%	9.54B

Supermarkets & Convenience Stores